All Forum Posts by: Steve Sonneson

I live in Rockford Illinois and I plan on purchasing a property and renting out a couple of the bedrooms with a short lease and contract. I'm having a difficult time finding the correct information online regarding the legality of room rentals in my area. I've searched the topic a number of times and looked under Rockford zoning but I haven't had much luck. I did however read somewhere that any income from renting out your rooms is taxable and must be recorded. I don't know if that's true or not with your home. Any info pointing me in the right direction would be appreciated. Thanks

@John Warren Thank you for your input. I'm new to all of this so some of these things are still a little confusing for me.

I understand that when you use an FHA loan to reduce your down payment that you are required to carry PMI/MIP which will be added to your monthly mortgage payment but won't putting down a much smaller amount like 3.5% also skyrocket your monthly payment as well? How do you start off house hacking with low down payments like they often talk about without having an enormous monthly payment and killing any potential future cash flow?